Nevada § 612.695 - Liability of employer and purchaser or transferee upon sale or transfer of assets and quitting business

§ 612.695. Liability of employer and purchaser or transferee upon sale or transfer of assets and quitting business

1. Any employer who, outside the usual course of the employer's business, sells or

transfers substantially all or any one of the classes of assets enumerated in subsection

1 of NRS 612.690 and quits business, shall within 10 days after the sale or transfer file such reports

as the Administrator may prescribe and pay the contributions, interest or forfeits

required by this chapter with respect to wages for employment to the date of the sale

or transfer. 2. In the case of a sale: (a) The purchaser shall withhold sufficient of the purchase money to cover the amount

of all contributions, interest and forfeits due and unpaid until such time as the

seller produces a receipt from the Administrator showing that the contributions, interest

and forfeits have been paid or a certificate showing that no contributions, interest

or forfeits are due. (b) If the seller fails, within the 10-day period, to produce the receipt or certificate,

the purchaser shall pay the sum so withheld to the Administrator upon demand. (c) If the purchaser fails to withhold purchase money as provided in paragraph (a)

and the contributions, interest and forfeits are not paid within the 10 days specified

in this section, the purchaser is personally liable for the payment of the contributions,

interest and forfeits accrued and unpaid on account of the operation of the business

by the former owner. 3. In the case of a transfer other than a sale, if the contributions, interest and

forfeits are not paid within the 10 days specified in this section, the transferee

is personally liable for the payment of the contributions, interest and forfeits accrued

and unpaid on account of the operation of the business by the former owner.